EQUITY PERSPECTIVES

Insight from our equity teams to help clients navigate the markets and opportunities ahead.

Introduction

Making sense of the new ‘normal’ (Oct 2020)

Making sense of the new ‘normal’ (Oct 2020)
By Alex Crooke, Co-Head of Equities – EMEA & Asia Pacific

Key takeaways

  • Janus Henderson has broad expertise across equities globally. Our teams are able to develop their own approaches and views on markets; the quarterly Equity Perspectives shares some of this thinking.
  • In this second edition, we examine the question of what the new ‘normal’ will be from a US, Technology, Real Estate, European and Value equities perspectives.
  • While many uncertainties remain, economies continue to receive central bank and government support and many companies are finding new ways to operate and benefit as social and working environments change.

Insights from our Global Teams

Insights from our Global Teams

Portfolio Manager Denny Fish argues that a long view is essential for maximising the opportunity presented by the forces driving the transition to a digital global economy.

Global real estate Portfolio Managers Guy Barnard, Tim Gibson and Greg Kuhl address misperceptions investors may have about real estate post-COVID-19 and explain why the team believes it remains an attractive and relevant asset class.

US equities Portfolio Manager Nick Schommer discusses the importance of durable, competitively advantaged business models amid a disrupted economic environment.

John Bennett, Director of European Equities, explains the potential turning point in markets that could propel European equities to compete with the long-running and seemingly invincible US bull market.

Portfolio Manager Justin Tugman discusses factors that may point to a leadership change from growth to value stocks. He also explores the potential a defensive value-based approach offers investors concerned with ongoing market volatility and lofty stock valuations.

Our Capabilities

Our Equity Capabilities

Janus Henderson provides an active approach to equity investing. The equities platform is shaped by the belief that fundamental research is the foundation for delivering long-term, market-leading risk-adjusted returns. Independent thought and unique viewpoints are central to this approach and result in portfolios that are meaningfully different to an index. Each team expresses their individual, high-conviction ideas through processes that have evolved to suit their specific areas of the market and within robust risk control frameworks.

While operating with independence, the equities teams benefit from collaboration and shared research that provide a source of portfolio ideas. The culture encourages intellectual challenge and stimulating debate to test – and ultimately strengthen – investment thinking. The success of ideas is measured by overall client outcomes with the aim to deliver consistent, long-term risk-adjusted excess returns over benchmarks and peers regardless of the investment landscape. This effort is supported by award-winning, proprietary portfolio construction technology and a cultural emphasis on the client promise.

The equity teams, led by Co-Heads of Equities Alex Crooke and George Maris, include 165 investment professionals, responsible for US$171.1bn in assets under management[1]. The teams include those with a global perspective, those with a regional focus – US, Europe, Asia Pacific and Emerging Markets – and those invested in specialist sectors. A range of growth, value and absolute return styles are employed.

Equities Org Chart

[1] Source: Janus Henderson, as at 30 June 2020.
Fundamental research: The analysis of information that contributes to the valuation of a security, such as a company’s earnings or the evaluation of its management team, as well as wider economic factors. This contrasts with technical analysis, which is centred on idiosyncrasies within financial markets, such as detecting seasonal patterns.